This year is kicking off with acquisitions in the HR tech sector, matching predictions from WorkTech, Gartner and other industry analysts who anticipate a heightened level of merger and acquisition activity throughout the year. S&P Global Market Intelligence reported that “tech megadeals are out” with “smaller M&A set to bounce back in 2024,” which could have a direct impact on the HR tech marketplace.
International M&A advisor Goldenhill predicts that dominant HR trends are “becoming a catalyst for a notable increase in merger and acquisition activity within the HR tech space.” These trends are:
- Integration of metaverse-influencing strategic alliances
- The rise of tech-enabled employee self-service
- Data-driven DEIB becoming a strategic imperative
- Hyper-personalization sparking niche acquisitions
One of the first activities to hit the news this year is from buyer Mitratech, which offers global compliance technology for HR teams. It recently announced the acquisition of two companies: compliance training provider Syntrio and predictive HR and compliance service Mineral. I got to speak with Nathan Christensen, CEO of Mineral, at HR Tech in October 2023. See what he had to say here.
HR tech in action
Speaking of merger-related news, The Wall Street Journal reported that the EU Commission is “checking” to determine if Microsoft’s investment in OpenAI “might be reviewable under the EU Merger Regulation.”
For a giggle, check out why candidates think job hunting isn’t all that different from dating apps in this piece from The New York Times. Not so funny: “Recruiters just glance at your profile,” says Kyle Lagunas, head of strategy and principal analyst at Aptitude Research and an HRE Top 100 Influencer.
Walmart aims to provide consumer-grade tech to its associates with My Assistant, a proprietary gen AI tool. This week, Walmart announced the expansion of the tool to 11 more countries, allowing more people to use My Assistant in their native language.
More from HRE
Kali Hayes—vice president of talent acquisition, associate experience and HR technology at Humana—will be a keynote speaker at HR Tech Virtual, a free online event running Feb. 27-29. Save your seat now, and hear her strategies for designing, implementing and executing world-class tech.
The recent executive order on AI charges several agencies, including the Department of Labor, with mitigating the impacts of the technology on job security and workers’ rights. Complying with Labor regulations is expected to fall on HR teams. Get expert takeaways.
Many HR professionals are testing the waters before fully implementing AI efforts. Those who have ventured into gen AI have reported diverse applications, according to feedback in HRE’s What’s Keeping HR Up at Night? survey.
Credit: Source link
